Islamic Social Finance, Human Resource Quality, Governance Nexus, and its Impact on Poverty: An Academic Inquiry
Keywords:
Islamic Social Finance, Islamic Human Development Index, Governance Quality, Poverty ReductionAbstract
This research intends to investigate the relationship between Islamic social financing, the Islamic Human Development Index (IHDI), governance quality, and their combined impact on poverty reduction in Islamic Cooperation (OIC) member nations from 2010 to 2022. Utilizing a fixed effect model, the study reveals that the IHDI significantly contributes to poverty reduction. On the other hand, zakat, accountability, and commercial openness were identified as having a notable adverse effect on poverty. Factors such as government quality, population size, inflation, and currency rates showed insignificant correlations with poverty rates. The research notably presents an innovative method by employing a customized HDI centered on 05 Islamic aims to evaluate its influence on diminishing poverty in these countries.
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